Implementing an efficient resolution framework in the Banking Union: lessons from the crisis and challenges ahead
Financial Stability Review, 2017, issue 21, 71-76
The last financial crisis underscored the need to develop an effective resolution framework internationally. In this context, the European Union (EU) resolution regime has been significantly enhanced, with a new legislative package that established the Single Resolution Board (SRB) and the Single Resolution Fund (SRF) for the Banking Union (BU). While the SRB has reached important milestones in 2016, including the first two waves of resolution plans for major banks and the collection of EUR 10.8 billion in contributions to the SRF, the SRB will further deepen and enlarge the scope of its resolution plans and start setting a Minimum Requirement for own funds and Eligible Liabilities (MREL) in 2017. Loss-absorbing capacity is key as it will strengthen EU banks and therefore financial stability.
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